Envestnet Portfolio Solutions Inc. Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Envestnet Portfolio Solutions Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,276 shares of the software maker's stock after selling 3,019 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Fortinet were worth $2,388,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter valued at $46,000. LFA Lugano Financial Advisors SA increased its position in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd acquired a new position in Fortinet during the 4th quarter valued at about $65,000. Finally, Venturi Wealth Management LLC increased its holdings in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after purchasing an additional 163 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT traded up $2.30 during mid-day trading on Tuesday, reaching $102.09. 3,422,475 shares of the stock traded hands, compared to its average volume of 4,798,211. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm has a fifty day moving average price of $102.46 and a 200 day moving average price of $92.70.

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Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last quarter. Insiders own 18.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FTNT. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Friday. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Piper Sandler reissued an "overweight" rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $105.69.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.